just got a VM from HO, they want to refinance..need to call back in an hour!

[ryanpal]

hey guys, hopefully i can get a response before i call this lady back.  i sent out a preforeclosure mailer and i just got a VM as i was out for a run.  her mesg was that her and her husband are having money issues and want to refinance.  how do investors go about answering this when HO's say this (i imagine its many).   also, if refinancing is a possiblity for them..how will i be able to help?

all info is helpful...hopefully i'll get a response ;]

ryan

[ryanpal]

damn no luck..ok time to wing it....i'll update how it went.

edit: no answer (no answering machine either)..guess this buys me more time for a response

ryan

[ryanpal]

anybody have any feedback they'd like to share?  i can't imagine this being an uncommon thing.  my guess is the homeowner is going to tell me she wasn't able to refinance and would like for me to help her out.

1. how do investors help out HO's in this situation? (how would i have better luck than the HO's themselves?)
2. how should i reply to this and what steps should i take to try and get her a refi?

thanks guys,
ryan

[reoconsultants]

Think outside the box here. The answer will come to you. Think really simple and BAM!

Let me know if you still need help.

[green queen]

where are you based, My coach has a kick [butt] broker who well with investors.

[ryanpal]

Think outside the box here. The answer will come to you. Think really simple and BAM!

Let me know if you still need help.

ummm. nothing has come to me.  i don't understand how i can negotiate with the bank better than the homeowners themselves.  ...maybe i'm missing something. throw  a dog a bone? ;]

where are you based, My coach has a kick [butt] broker who well with investors.

I'm located in NJ (morris county).

ryan

[green queen]

Typically, lenders will deal more with a third party than a debtor.
Reason, they have signed a promissary note and they defaulted, they have called and said yes i'll pay and they have still defaulted.

The lender no longer trusts anything they say.

Depending on their finances you could maybe enroll them into a forbrearance program or a loan modification.

and yo ucan still get paid. not as much, but the stats how 96 % of debtors will fail in a loan modification or forbearance withing the first 6 months.

ok

So if you get the forbearance done and in 6 months they default who are they going to come back to ???????   YOU, because yo helped them before.
And now you the only way you can go is shortsale....

make sense

[ryanpal]

Typically, lenders will deal more with a third party than a debtor.
Reason, they have signed a promissary note and they defaulted, they have called and said yes i'll pay and they have still defaulted.

The lender no longer trusts anything they say.

Depending on their finances you could maybe enroll them into a forbrearance program or a loan modification.

and yo ucan still get paid. not as much, but the stats how 96 % of debtors will fail in a loan modification or forbearance withing the first 6 months.

ok

So if you get the forbearance done and in 6 months they default who are they going to come back to ???????   YOU, because yo helped them before.
And now you the only way you can go is shortsale....

make sense

thank you green queen, yes that makes total sense and from the previous posts i understand that they usually come back to you.  my concern was about the refinance....of how i could help them out etc.  you seemed to answer my question, much appreciated.

as a side note, what information should i get from her once i tell her that i will help refinance? i need a signed authorization to release form....the bank and their acct numbers as well?

also, let me back track here.  when they mention they want to refinance.  my response should be that i will try to get the bank to work with them and if that fails, i will try to see if my (whoever that may be) loan officer can help them out.  do i have this right?

thanks again!
ryan

[green queen]

if you do a refinance you just pass it on to a broker.... remember you will not get paid from a refi... it is against the law for you to get kick backs.

If you do a forbearance you will get paid.

You will require a authorization to release and this wil have account details on it.

A forbearance is a little work, not quite as bad as a  shortsale but reletive information to show they can afford the new payment.

[ryanpal]

You will require a authorization to release and this wil have account details on it.

thanks once again green queen.  i was unable to get in touc hwith the HO until about an hour ago.  I'll be speaking with her tonight.

The "authorization to release" is this a standard form?  One which I can get off the net? ...from the bank?

Also, are you saying once I have this form signed I will get all the information (acct numbers etc) from the bank or this is required on the form that is filled out?

(sorry for the basic question, as you can tell i'm exploring new terriotory) :]

Ryan

[green queen]

get the loan number and lenders name from the seller.
Fill out Authorization to release, get the seller to sign, print, date and social and fax it through to the bank.

easy  

[ryanpal]

sorry, i'm sure it seems like i'm making things more difficult than what they are, but i want to make sure i understand this correctly.

get the loan number and lenders name from the seller.

once i have this i contact the bank and they will send me the "authorization to release form"?

 

ryan

[green queen]

some banks now require their Authorization to release some dont .... who is the lender

[green queen]

check your mail box !

[ryanpal]

some banks now require their Authorization to release some dont .... who is the lender

i will find out the lender tonight.

check your mail box !

my private message? my email? both have no new messages

sarcasm for check my mailbox at home???  

damn i feel so dumb in this thread i'm having a hard time following.  i'd like to blame it on drinking but i haven't boozed up in ages haha.

ryan